Germany

Germany

Siemens wind makes quarterly loss

GERMANY: Siemens saw its second-quarter profit slump by 54% partly due to its wind division making a loss over the period.

Siemens sold more onshore turbines, but fewer offshore in Q2
Siemens sold more onshore turbines, but fewer offshore in Q2

The business's profits fell to just EUR 255 million after the wind division posted a loss of EUR 50 million for the quarter, including charges of EUR 48 million for inspecting and replacing faulty bearings in offshore turbines.

Also denting profit was the "unfavourable business mix", which saw Siemens record revenues from more onshore turbines rather than the higher-margin offshore machines.

However, revenue in the wind division climbed 11% to EUR 1.1 billion as surges in the Americas and Asia/Australia offset a fall in Europe.

Results in energy were impacted by "substantial project charges in the transmission business, charges related to wind turbines and lower revenue due to challenging markets", Siemens said.

These factors cancelled out a higher profit made by the company's power generation division.

Siemens said that orders in its wind business fell 49% in the first quarter, but argued that this was due to a tough comparative in the first quarter of 2013, when it won two large offshore wind farm orders.

Siemens' financial year runs from 1 October to 30 October.

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